Projected Debt Service Coverage definition

Projected Debt Service Coverage means a number calculated by dividing Projected Operating Income Available for Debt Service for the first fiscal year following restoration of the Property by the debt service during the same fiscal year under all indebtedness secured by any portion of the Property. For purposes of the preceding sentence, "debt service" means the greater of (x) debt service due under all such indebtedness during the first fiscal year following completion of the restoration of the Property or (y) debt service that would be due and payable during such fiscal year if all such indebtedness were amortized over 25 years (whether or not amortization is actually required) and if interest on such indebtedness were due as it accrues at the face rate shown on the notes therefore (whether or not interest payments based on such face rates are required).
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Projected Debt Service Coverage means a number calculated by dividing Projected Operating Income Available for Debt Service for the first fiscal year following restoration of the Property by the debt service during the same fiscal year under all indebtedness secured by any portion of the Property. For purposes of the preceding sentence, “debt service” means the greater of (x) debt service due under all such indebtedness during the first fiscal year following completion of the restoration of the Property or (y) debt service that would be due and payable during such fiscal year if all such indebtedness were amortized over 30 years (whether or not amortization is actually required) and if interest on such indebtedness were due as it accrues at the face rate shown on the notes therefor (whether or not interest payments based on such face rates are required).
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Projected Debt Service Coverage means a number calculated by dividing Projected Operating Income Available for Debt Service (as hereinafter defined) for the first fiscal year following restoration of the Property by the debt service during the same fiscal year under all indebtedness secured by any portion of the Property. For purposes of the preceding sentence, “debt service” means the greater of (x) debt service due under all such indebtedness during the first fiscal year following completion of the restoration of the Property or (y) debt service that would be due and payable during such fiscal year if all such indebtedness were amortized over 25 years (whether or not amortization is actually required) and if interest on such indebtedness were due as it accrues at the face rate shown on the notes therefor (whether or not interest payments based on such face rates are required).
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Examples of Projected Debt Service Coverage in a sentence

  • In the event that an Upwind Array Event shall occur, then within ninety (90) days of such event (such date the “Adjustment Date”), Borrower shall calculate and deliver to the Administrative Agent a Projected Debt Service Coverage Ratio as of such date using the applicable Base Case Project Projections updated with any changes needed solely to take into account the effect, if any, of such Upwind Array Event on the expected power production of any Project, as determined by the Independent Engineer.

  • On August 15, 2010 the Project shall have achieved a Projected Debt Service Coverage Ratio of not less than 1.00 to 1.00; provided, however, that the definition of Debt Service for purposes of this Section 7.26 only shall mean during any Quarter, the actual interest payments on the Loan that are due and payable during such Quarter.

  • Borrower shall incorporate all such reasonable corrections, changes or adjustments into such Projected Debt Service Coverage Ratios.

  • Administrative Agent (in consultation with the Independent Engineer) shall notify Borrower in writing of any corrections, changes or adjustments relating solely to the Upwind Array Event to be made to such Projected Debt Service Coverage Ratios.

  • Whenever either the Debt Service Coverage Ratio or the Projected Debt Service Coverage Ratio is required to be calculated under this Agreement, such calculation shall be computed to the nearest two (2) decimal places.

  • Administrative Agent shall notify Borrower in writing of any corrections, changes or adjustments relating solely to the REC Price Adjustment to be made to such Projected Debt Service Coverage Ratios.

  • Contango hereby requests the Required Lenders to (i) consent to the Amended Corporate Budget and (ii) amend the Existing Credit Agreement to modify the minimum Projected Debt Service Coverage Ratio set forth in Section 5.22(b) (Financial Covenants) of the Existing Credit Agreement.

  • If the Borrower fails to produce the information and calculations relating to the Historical Debt Service Coverage Ratio or the Projected Debt Service Coverage Ratio required to be produced pursuant to this Agreement, then, until such time as such information and calculations are provided, no funds shall be released for the purposes of making any Restricted Payments by the Borrower (but such failure shall not otherwise constitute a Default or an Event of Default hereunder).

  • If on any Calculation Delivery Date the Combined Debt Service Coverage Ratio and the Combined Projected Debt Service Coverage Ratio then delivered pursuant to Section 6.2 hereof are equal to or greater than 1.25 to 1.00, so long as no Event of Default has occurred and is continuing, then Agent shall transfer on instruction by Borrower the monies in the Additional Collateral Account for deposit in the Project Control Account as an item of Cash Revenues.

  • Contango hereby requests the Required Lenders to amend the Existing Credit Agreement to modify the minimum Projected Debt Service Coverage Ratio set forth in Section 5.22(b) (Financial Covenants) of the Existing Credit Agreement.


More Definitions of Projected Debt Service Coverage

Projected Debt Service Coverage means a number calculated by dividing Projected Operating Income Available for Debt Service for the first 12-month period following restoration of the Property by the debt service during the same 12-month period under all indebtedness secured by any portion of the Property and/or by ownership interests in Mortgagor. For purposes of the preceding sentence, "debt service" means the greater of (x) debt service due under all such indebtedness during the first fiscal year following completion of the restoration of the Property or (y) debt service that would be due and payable during such fiscal year if all such indebtedness were amortized over 30 years (whether or not amortization is actually required) and if interest on such indebtedness were due as it accrues at the face rate shown on the notes therefor (whether or not interest payments based on such face rates are required). "Projected Operating Income Available for Debt Service" means projected gross annual rent from the Approved Leases for the first full fiscal year following completion of the restoration of the Property less:
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Projected Debt Service Coverage means a number calculated by dividing Projected Operating Income Available for Debt Service for the first fiscal year following restoration of the Property by the debt service during the same fiscal year under all indebtedness
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Related to Projected Debt Service Coverage

  • Debt Service Coverage means that for every $1.00 of debt service required to be paid there must be $1.15 of Net Operating Income available. A worksheet for the calculation of Debt Service Coverage is found in the Report of Operations attached hereto as Exhibit "H" and incorporated herein by this reference.

  • Debt Service Coverage Ratio means a ratio for the applicable period in which:

  • Consolidated Debt Service Coverage Ratio means, as of any date of determination, the ratio of (a) the sum of (i) Consolidated EBITDA for the most recently completed four fiscal quarters minus (ii) income taxes payable for such period minus (iii) Consolidated Capital Expenditures for such period to (b) the sum of (i) Consolidated Interest Charges for such period plus (ii) Consolidated Scheduled Funded Debt Payments for such period.

  • Debt Service means, with respect to any particular period of time, scheduled interest payments under the Note.

  • Annual Debt Service as of any date means the maximum amount which is expensed in any 12-month period for interest on Debt of the Company and its Subsidiaries.